Most valuable companies in history, adjusted for inflation

When Apple surpassed Exxon-Mobil as the world’s most valuable company in August 2012, it ignited a debate over what, precisely, “most valuable” means--and how inflation influences the calculation. Apple’s 2012 market valuation topped out at $661 billion U.S., the highest absolute-value figure in history, but a longer-term view of other corporate giants shows it has a ways to go before it can claim the all-time, inflation-adjusted top prize. Here are history's 9 most valuable companies, adjusted for inflation.

1. The Dutch East India Company in 1637Value then: 78 million Dutch Guilders // Adjusted to 2012 dollars: $7.4 trillion

HOW IT GOT SO BIG: Founded in 1602, the world’s first publicly traded company on the world’s first stock exchange started off as a spice trader. Its competitive edge: The largest fleet shipping goods between Europe and Asia. In the 17th century, it grew tremendously thanks to rampant speculation on the value of tulip bulbs. The ... more

1. The Dutch East India Company in 1637Value then: 78 million Dutch Guilders // Adjusted to 2012 dollars: $7.4 trillion

HOW IT GOT SO BIG: Founded in 1602, the world’s first publicly traded company on the world’s first stock exchange started off as a spice trader. Its competitive edge: The largest fleet shipping goods between Europe and Asia. In the 17th century, it grew tremendously thanks to rampant speculation on the value of tulip bulbs. The so-called tulipmania craze foreshadowed the Internet dot.com bubble, and, like its modern equivalent, it eventually burst. But not before making the company the most valuable in world history.

WHAT HAPPENED: When tulipmania crashed in 1637, the company went back to its spice trading roots. It ceased operations in 1800.